The Scheme for Financing Schools provides schools with the option to have their full budget share (the full formula funding allocation) paid direct into their bank account by monthly instalments, rather than the part budget allocation (which covers only non-staffing costs after making deductions for staff, rates and catering).

The Scheme states that where a school wishes to change their option of payment of budget share, it may only do so from the beginning of the financial year and must notify the Local Authority by 1 January.

Any school wishing to take up this option for the next financial year must submit a request in writing to the School Funding Team by 1 January. Full Governing Body Approval must be obtained in order for a  school to change to Full Budget Share status.  Please indicate in your letter whether or not you intend to continue using Bradford Council Payroll Services.

A document ‘Full Bank Account – Things to Consider’ is available to help with decision-making.

Please contact your School Funding Team Officer if you wish to discuss this further.